Provisions for transferring property rights in India as an NRI (Business Opportunities - Home Business)
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Provisions for transferring property rights in India as an NRI | |
As a Non-Resident Indian (NRI) looking to transfer property rights in India, several key provisions should be considered: Legal Framework: Follow guidelines set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA) regarding property transactions by NRIs. Documentation: Ensure all necessary documents such as sale deed, title deeds, tax receipts, and possession certificates are in order for a smooth transfer. Tax Implications: Understand the tax implications, including capital gains tax, associated with selling property in India and seek advice from tax consultants. Repatriation: Comply with regulations for repatriation of funds outside India after the sale, within specified limits and conditions. Power of Attorney: Utilize Power of Attorney for facilitating property transactions, allowing a trusted individual to act on behalf of the NRI. Compliance: Adhere to RBI and FEMA regulations concerning the mode of payment, repatriation of funds, and other paperwork. Inheritance and Gifting: NRIs can inherit property in India and gift immovable property to relatives, subject to certain conditions and tax implications. Legal Assistance: Seek guidance from legal experts or property consultants well-versed with Indian property laws to ensure compliance and a smooth transfer process.  | |
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| Target Prov.: British Columbia Target City : Birmingham Last Update : Dec 14, 2023 2:18 AM Number of Views: 98 | Item Owner : NRI Legal Services Contact Email: Contact Phone: 01215650566 |
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2024-11-23 (0.385 sec)